This content was created by Nate Tilley. This content was uploaded by Nate Tilley. This is a YouTube video titled "The No B.S Price Strategy Masterclass with Dan Kennedy" created on April 15, 2024. It features a masterclass discussion led by Dan Kennedy on the importance of price strategy in business, highlighting how pricing affects profit, market strength, and business growth.
Those who completely lived by we've got the lowest prices. They tend to be big dinosaurs with tiny paws and they eventually go extinct, right? So it's a really bad bottle.
Hello and welcome to this month's masterclass with Dan Kennedy. This month we're going to be discussing the no BS price strategy book. And Dan, it's one of my favorites. But Dan, why is this so important? Why is a price strategy so important?
It controls now pretty much everything you can do in the marketplace. So price controls profit, right? Profit controls your strength, your power in the marketplace, including what you can afford to spend to acquire a customer and what you can afford to spend to wow a customer and what you can afford to spend to keep a customer. Right. And that the then controls the wealth that you can create and extract from the business. So if you mess up pricing, you mess up everything. And the people who. Let themselves be pushed into low price and into kind of competitive price wars in competitive price environments where they're at a price war, over time, the companies of size where we can all see it, they almost all go extinct. So right now everybody thinks like, Walmart is inventive, inevitable. A lot of people have never been alive when there wasn't a Walmart. So they think there will always be a Walmart. They don't know that before Walmart, there was Kmart and there was an entire generation of people who'd never been alive when there wasn't a Kmart. And Kmart was everywhere. And you thought Kmart was inevitable and Kmart is debt. And you could go category by category by category of business. And those who completely lived by, we've got the lowest prices, they tend to be big dinosaurs with tiny paws, and they eventually go extinct, right? So it's a really bad bottle. And so price governs everything else we can do, right? When somebody says, here's the most money I can spend to get a customer, they're describing to be the end result of their price and profit choices. So often you can't help somebody grow past a certain point if you don't change their price strategies because you buy growth at some point. So like if you study businesses that began online as e commerce only businesses, they got to a point that that was no longer, there was no growth there. It was profitable. I had it kept them at a certain level, but then they couldn't go any farther. And then they go into retail distribution, they start mailing print catalogs, they create a sales force, et cetera. Their advertising moves from just social media to TV to radio to print. But that requires a completely different set of economics which has to affect and be affected by price.
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